Kingdom Property, under the leadership of Mr. Nigel Cornick, announced that its Eastern Seaboard portfolio recently reached estimated value of THB20 billion (USD642.6 million) in value only one year after launching its inaugural project, Southpoint Pattaya.

The Pratumnak Hill-based Southpoint Pattaya already boasts a 60 percent sales figure and is due for completion in 2015. It will soon be joined by a yet-to-be-named luxury residential project in the city’s Wongamat beach area, slated to comprise some 50 storeys.

“We are very confident about the future of Pattaya, says Kingdom CEO Nigel Cornick. “It has the biggest tourism industry outside of Bangkok, a booming industrial sector in the Eastern Seaboard and massive infrastructure projects like the high-speed train in the pipeline. These combine to drive a strong economy.”

Kingdom’s Eastern Seaboard portfolio will soon be increased through the addition of The Bay, a major retail, hospitality and residential complex set on a 23 rai plot between Beach Road and Second Road, which will be valued at more than THB15 billion (USD482.3 million).

“The demand for quality real estate is there whether for investment, lifestyle or rental. We have also seen new city planning initiatives come into place, which will greatly benefit the city, as well as the re-emergence of a luxury market, added Cornick. “This is driven by Thai buyers who have the means and understand the long-term strengths of the destination as it matures, and supported by Chinese, Japanese and Russian buyers.”